Opal Capital LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• Opal Capital LLC opened a new position in Chevron, buying 38,534 shares valued at about $5.97 million, making it the fund’s 23rd-largest holding.
• Chevron insiders have been selling stock recently, including director John B. Hess and insider R. Hewitt Pate; total insider sales over the past 90 days reached $118 million.
• Chevron reported better-than-expected EPS for the latest quarter and continues to pay a quarterly dividend of $1.78 per share, which annualizes to a 4.0% yield.

Opal Capital LLC bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 38,534 shares of the oil and gas company's stock, valued at approximately $5,973,000. Chevron comprises 1.5% of Opal Capital LLC's portfolio, making the stock its 23rd largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVX. Core Wealth Advisors LLC acquired a new position in Chevron during the 4th quarter worth $26,000. Karpus Management Inc. acquired a new position in Chevron during the 4th quarter worth $27,000. Quattro Advisors LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $27,000. Strategic Wealth Advisors LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $33,000. Finally, Daytona Street Capital LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $44,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 615,200 shares of company stock valued at $118,022,760. Company insiders own 0.56% of the company's stock.

Chevron Stock Performance

NYSE CVX opened at $179.94 on Wednesday. The firm has a market cap of $358.38 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 0.59 and a beta of 0.48. The company has a 50 day moving average of $188.01 and a 200-day moving average of $178.70. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 1-year low of $142.40 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company's revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $2.18 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece's Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here's Why

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a research report on Friday, March 20th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Bank of America upped their price objective on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. UBS Group upped their price objective on shares of Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Finally, Mizuho upped their price objective on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $205.70.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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